Fulfilling the promise made by Trinamool Congress is Assembly elections, the West Bengal government has approved a Students Credit Card (SCC) Scheme. Under this new scheme, students will be able to avail loans for higher studies and the State Government will be the guarantor.
Today, on June 30, West Bengal will roll out the SCC Scheme and those in 10th standard or above, living in the state for 10 years will be eligible for the benefits. However, the students have not been formally intimated as the Department of Higher Education is having online sessions with colleges to discuss and explain the new scheme.
Objective of scheme
As per the presentation share with colleges, the Student Credit Card scheme provides hassle-free and collateral-free loans to West Bengal students at a minimum interest rate of 4 percent for a maximum amount of 10 lakh. This will enable the students to pursue studies within or outsides the State or abroad.
Banks will not require any tangible or intangible security or collateral security other than parental or legal guardian co-obligation.
Suparna Mondal, a third-year student of English at the Gour Mohan Sachin Mandal Mahavidyalaya, says that “at the end, it all comes down to money.” Many students are unable to pursue higher studies due to a lack of financial resources. “The credit card should come to the rescue to people like us, who are financially weak,” she added.
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Eligibility
To enjoy the benefits of the credit card scheme for students, the beneficiary should be studying in Class 10th or above. Also, the students who have been living in the state for 10 years or more will eligible for this card.
"The Student Credit Card scheme has received Cabinet approval. It will be available to anyone who has lived in West Bengal for ten years. Undergraduate, postgraduate, doctoral, and post-doctoral studies in India and abroad will be eligible for a loan "Mamata Banerjee, the Chief Minister of West Bengal, said
The credit card beneficiary will have 15 years to repay the loan. Studnet’s application will be submitted to banks through their educational institutions and the Department of Higher Education. The loan can also be used for non-institutional expenses such as hostel fees/rent, to purchase a laptop or study tours or projects, etc.
Besides, students enrolled in various coaching centers to prepare for national-level competitive exams including IITs, IIMs, NLUs, IAS, IPS and WBPS would be eligible for the loan.
Meanwhile, Debiprasad Prusti, the national convenor of the Netaji Subhas Birth Soil Yatra, has praised Mamata Banerjee's decision. He believes that other states should follow suit.